Featured Gas Oil

MOMAN advises FG on petroleum downstream sector liberalisation

The Major Oil Marketers Association of Nigeria (MOMAN) says the Federal Government must remain consistent with its policies, especially as regards the liberalisation of the petroleum downstream sector.

Mr Clement Isong, Chief Executive Officer, MOMAN, said on Thursday in Lagos that this would enable the country to reap the benefits of the well-thought-out policies.

The government had in April began the liberalisation of the petroleum downstream sector with the removal of subsidy on Premium Motor Spirit.

Isong said the move was long overdue and a step in the right direction for the industry to progress to the next stage of growth.

”The National Petroleum Policy is a very well-written document, which if implemented to the letter, can impact positively on the petroleum downstream sector and the Nigerian economy.

”Nigeria can eventually become the refining hub for Western and Central Africa and ultimately the whole of Africa.

”Policy reversals that will take us back to subsidy and the opacity it brings should be vehemently resisted and avoided for the collective good of Nigeria. ”

According to him, the path to full deregulation of the petroleum industry should be kept open as Nigeria can no longer afford wastage of scarce resources.

”The government should not be distracted  by the hurdles we shall encounter to get to the desired destination,”he said.

Isong noted that the liberalisation of the sector would attract the much desired Foreign Direct Investment needed to reposition Nigeria as a refining hub and a key player in the global oil and gas space.

Related posts

Allow marketers lift petrol from Dangote refinery, Reps tell FG

Editor

#EndSARS: Lagos to prosecute 229 suspects for arson, murder, other crimes

Meletus  EZE 

The decayed infrastructure serving as UNN hostels

Editor

No increase in fuel price – FG says

Abisola THOMPSON

NUPRC boss says billion dollar Capex attracted in oil industry

Editor

NPSC to deploy technology to monitor oil pipelines

Editor